News

Coril Holdings Announces Important Organizational Changes

October 12, 2012

CALGARY, ALBERTA—(Marketwire – October 12, 2012) – Coril Holdings Ltd., a privately-owned company based in Calgary, Canada, today announced a significant reorganization that promotes Mr. Kevin L. Beingessner to the position of President and Chief Executive Officer and a Director of the parent company.

Mr. Beingessner is a 31 year long service employee with the Coril Group and most recently held the position of President and CEO of Balboa Investments Inc., a wholly owned subsidiary of Coril Holdings Ltd. Mr. R.N. Mannix, Chairman of Coril’s Board, states that, “Mr. Beingessner is well qualified for this new role with many years of experience in the Coril Group. We look forward to him continuing our long term growth, the perpetuation of our culture and values, and the on-going integration of the companies we have acquired in the last two years.”

Mr. Mannix added that, “Mr. Beingessner has continuously demonstrated his exceptional management capability and leadership values. He was the natural successor for this role and he has the unanimous support of our distinguished Board of Directors.”

Mr. Beingessner’s appointment follows Mr. Larry Shelley’s recent decision to resign as Coril’s President and CEO to pursue his other personal interests and business opportunities. Mr. Mannix stated that, “Mr. Shelley has done an excellent job of growing the Group, improving the organization’s corporate performance and corporate governance, and has played a pivotal role in the management development of individuals in the organization. Mr. Shelley has indicated that he believes that his work at Coril is largely completed and has agreed to immediately begin work on implementing a seamless and effective transition to Mr. Beingessner, which they are confident will be completed by no later than the end of October.”

Coril Holdings Ltd. is a privately owned company based in Calgary, Alberta. Its subsidiaries and affiliates are engaged in railway track maintenance, real estate ownership and development, real estate advisory services, hotel management, health management services, private equity investments, and is in the process of expanding into the energy services business.